In the new issue of Regulation, economist Pierre Lemieux argues that the recent oil price decline is at least partly the result of increased supply from the extraction of shale oil. The increased supply allows the economy to produce more goods, which benefits some people, if not all of them. Thus, contrary to some commentary in the press, cheaper oil prices cannot harm the economy as a whole.

Two long wars, chronic deficits, the financial crisis, the costly drug war, the growth of executive power under Presidents Bush and Obama, and the revelations about NSA abuses, have given rise to a growing libertarian movement in our country – with a greater focus on individual liberty and less government power. David Boaz’s newly released The Libertarian Mind is a comprehensive guide to the history, philosophy, and growth of the libertarian movement, with incisive analyses of today’s most pressing issues and policies.

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Give Talks with Iran a Chance

In today’s Philadelphia Inquirer, my co-author Doug Bandow and I argue that Washington must engage Tehran in order to keep it from following the same course as Pyongyang—a nuclear regime ruling over a population anguishing under international sanctions.

Negotiating with Iranian leaders will not resolve the nuclear issue in the next few months. What’s needed is a process that encourages Tehran to make tactical concessions, such as persuading it to forestall uranium enrichment at higher levels and allowing for more intrusive inspections. Next month, when Turkey hosts talks between Iran and the “5+1 group”—the United States, Russia, China, Britain, France, and Germany—American officials should move toward adopting a long-term policy that incorporates Iran into the community of nations. Diplomacy remains the best means of containing Tehran’s nuclear ambitions. Unfortunately, diplomacy is unpopular with those who see war as the answer to most international problems.

But an attack is not in America’s national interest. Rather than promoting regime change or bringing hope and prosperity to the region, an attack will unify a divided country, likely lead to a regional conflagration, and potentially leave the global economy in turmoil. Moreover, an attack would be counterproductive. As those opposed to the prospect of military action have argued, bombing Iran is the fastest way to ensure that Iran gets a bomb.

The U.S. is willing to allow Iran to have civilian nuclear power, but not nuclear weapons. As Doug and I argue in our piece, “Virtually no one wants Iran to develop nuclear weapons. But war would almost certainly leave America worse off, and sanctions could well fail while punishing the Iranian people for no good reason.”

This Friday, the Cato Institute is hosting a half day conference to examine two main questions surrounding the Iranian nuclear program: What are the prospects for a diplomatic solution? And what are the options should diplomacy fail? Two excellent panels with diverse views, including the Skeptics’ own Justin Logan, will debate the topic. You can sign up here or watch it live here.